INVEST LIKE A BOSS What to Know About Goal-Based Investing

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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked with Dr. Daniel Crosby @incblot!“

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FEATURINGDr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. His clients include Brinker Capital, Morgan Stanley, RS Funds, Grant Thornton and NASA. Follow @incblot

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Excluding their primary home value, most Americans have less than $25,000 in retirement savings.

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What are reasons why many people aren’t investing?

Investing certainly qualifies as ambiguous,

Tweet by @incblot so people tend to stay away for fear of a bad or uncertain outcome.

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Millennials like myself aren’t aware of investing options.Tweet by @GO_JuanitaR

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Investing in a work 401(k) seems like a no brainer,but it’s harder to take the next step to other types of investments.

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How can we motivate ourselves andothers to invest more for the future?

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We need to think of saving/investing as a future benefit rather than a current loss.

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First, you have to realize that you have a future self.You won’t always be the young, healthy, working person you are today.

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Find your trust channels (writers, experts, friends or family), learn and don’t be afraid.

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Tweet by @LeslieHTayneEsq

Instead of worrying about the risk, acknowledge the positive gains that can come with investing.

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Tweet by @incblot

This “future self” can be hard to visualize, but they have all the same wants that “today” you has.

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Tweet by @FinEdChatSet retirement goals to plan for living life to the fullest ...

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Realize the time value of money - spending $1,000 todaymeans robbing yourself of many thousands later.

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What is goal-based investing?

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Goal-based investing is tying investment behavior to deeply-heldpersonal goals. Not rocket science, but seldom done!

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Goal-based investing puts a name and face on the otherwisesoulless numbers of investing.

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Tweet by @LeslieHTayneEsq

Goal-based planning gives you an incentive to investsuch as paying for a child’s college, retirement, etc.

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Tweet by @incblot

Goal-based investors have been shown to save a great deal more andare much better at staying the course in a choppy market.

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Do you have advice for newbiesjust getting started with investing?

Tweet by @incblot In every market, you control what matters most (your behavior)

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Look for these three things: Price (low P/E, cheap stocks), Profit (quality co. w/ good margins) and Pitfalls (e.g. debt).

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INVESTING TIPS

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Do you have any favorite tools orresources to help you with investing?

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Pick an advisor who is knowledgeable, has reasonable fees, and is a good behavioral coach who you can trust.

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What do you wish you knew aboutinvesting earlier in life?

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It is just about impossible to reach financial goals without investing.We all have to get savvy.

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Investing can be socially responsible and can reflect what matters most to you

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The biggest thing I’ve learned is that investing is simple, but not easy.Rules are straight forward - just hard not to panic.

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Tweet by @incblot

The biggest thing I’ve learned is that investing is simple, but not easy.Rules are straight forward - just hard not to panic.

INVESTING

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Is it ever too late to invest? Do you haveadvice for those nearing retirement?

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It’s never too late to invest, but you need to adjust your approach as you age.

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If people would start early and be more aggressive,retirement would be a “no-doubter” ...

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Closer to retirement - it’s all about strategy. It’s never too late. INVESTING TIPS

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Any final tips for those who want tomake smart investments?

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Realize the decisions you make to act or not act are at leastas important as decisions surrounding which stocks to choose.

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Tweet by @incblot

Buy inexpensive, highly profitable companies with low debt loadand sit on them for longer than you’d like.

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Learn to cultivate a contrarian mind. Learn to savor the panic/fear, realizing that it’s a fantastic time for making money.

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Tweet by @GO_JuanitaR

Millennials, don’t be intimidated of what you can dowith your money! Trust yourself!

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